Tomorrow's petrol price increase comes despite an improvement in the rand and a stay in interest rate hikes by the Reserve Bank last week. Can you tighten your belt any more?
There is no respite for consumers as the petrol prices go up at midnight on Tuesday on the back of an increase in the price of Brent crude oil. Consumers who are already under pressure from high interest rates, food prices and energy costs will have to dig deeper into their pockets to fill up the tank, starting on Wednesday.
The increase comes despite an improvement in the rand and a stay in interest rate hikes by the Reserve Bank last week."The rand reached R17.42 against the US dollar last week, strengthening as well against the key crosses, reaching R19.35 against the euro and R22.49 against the pound, with appetite in global financial markets strengthening for risk assets,” Investec chief economist Annabel Bishop explained. “Foreigners have purchased R11.
“Assertions that Russian President Vladimir Putin will not attend the BRICS summit this month have allayed fears of an imminent rand negative event dampening upside pressure to fuel prices, as we have seen. We also think that the improvement in rand sentiment and moderating dollar strength should also be supportive.
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